Your Trading Coach
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Opening Range Play Followed by an Early Lunch Setup
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Monday 28th November 2011
There is always a price action or market structure lesson in every session... even those that appear to be on life support.
In the case of today's TF as we approach two hours into the session and come across an early lunch setup, the obvious lesson is once again the value of using the session opening range for (a) establishment and maintenance of bias and (b) potential trade entry decisions.
It also provides great future S/R, as seen in previous blog posts, although that's not (yet) the case in this session. Plus it often proves to be the high or low of a session. See here for previous opening range posts: http://yourtradingcoach.blogspot.com/search/label/Opening%20Range)
If the opening range is not yet a part of your analysis, reconsider that decision.
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November 29, 2011 3:51 AM
Early lunch setup :D I have a question though: do you end your trading entirely or do you just do something else, but check pc from time to time to see if the market has come to life?
November 29, 2011 12:28 PM
Hi Anon,
I usually only trade the first two hours anyway, as that takes me through to 2:30am. Add an hour for post-session review and then half and hour for wind-down, it'll get me to bed around 4am. In my timezone, trading the whole US session is just too difficult at my current age. In other timezones, this is not necessarily a factor and you'll need to find your own way. Personally, I'd just walk away and come back later. There's no need to be a slave to your screen. But if you don't want to miss anything, set a price alert or a time alarm for regular checks. It's your call.
Cheers,
Lance.